United States Lime & Minerals(USLM) - 2024 Q4 - Annual Report

Financial Performance - Total revenues for 2024 increased by 12.9% to $317.721 million, up from$281.330 million in 2023[148] - Gross profit rose by 40.0% in 2024, reaching $143.981 million compared to$102.867 million in 2023[148] - Net income increased by $34.3 million, or 46.0$108.839 million in 2024, with diluted earnings per share rising to $3.79 from$2.61[151] - Revenues increased to $317.7 million in 2024 from$281.3 million in 2023, a growth of 12.9% driven by a 14.2% increase in average selling prices[173] - Gross profit rose to $144.0 million in 2024, up 40.0$102.9 million in 2023, primarily due to increased revenues[174] - Net income for 2024 was $108.8 million ($3.79 per diluted share), a 46.0% increase from $74.5 million ($2.61 per diluted share) in 2023[178] - Operating profit for 2024 increased to $124,923 million, a 46$85,422 million in 2023[226] - The company reported net income of $108,839,000 for 2024, up from$74,549,000 in 2023, reflecting a year-over-year increase of approximately 45.9%[257] Cash and Investments - Cash balances increased to $278.0 million as of December 31, 2024, compared to$188.0 million at the end of 2023[152] - The company anticipates funding operating and capital needs from cash balances and cash flows from operations, barring significant acquisition opportunities[156] - Cash and cash equivalents increased to $278,031,000 in 2024 from$187,964,000 in 2023, representing a 48% increase[224] - Net cash provided by operating activities was $126.0 million in 2024, an increase of 36.6$92.3 million in 2023[192] - The company has a $75 million revolving credit facility with no debt outstanding as of December 31, 2024[198] - The company believes cash on hand and cash flows from operations will be sufficient for ongoing capital needs and increased cash dividends[200] Capital Expenditures and Investments - The company made$27.4 million in capital investments in 2024 and paid $5.7 million in dividends[152] - Capital expenditures are expected to be approximately$22.0 million annually for recurring capital and re-equipping projects[191] - The company had $35.5 million in open orders for equipment and construction contracts as of December 31, 2024[191] - The company’s capitalized costs for construction in progress amounted to$8,098,000 in 2024, compared to $6,001,000 in 2023, indicating a growth of approximately 34.9$57,959,000, with 40,955,000 due within one year[199] - The company had no off-balance sheet financing arrangements, ensuring transparency in financial reporting[201] Expenses and Costs - Selling, general and administrative expenses (SG&A) increased to 19.1 million in 2024, a rise of 9.2% compared to 17.4 million in 2023, with SG&A as a percentage of revenues decreasing to 5.9%[175] - Fuel, energy, and transportation expenses decreased to 82,232,000 in 2024 from $88,521,000 in 2023, a reduction of 7.3$30,980,000 in 2024, up 6.1% from $29,209,000 in 2023[293] - Depreciation, depletion, and amortization expenses were$23,855,000 in 2024, slightly up from $23,533,000 in 2023[293] - The Company reported net operating lease costs of$2,522,000 for 2024, a decrease of 8.1% from $2,745,000 in 2023[270] Shareholder Returns - The company paid cash dividends of$5,716 million in 2024, an increase from $4,554 million in 2023[230] - The company paid cash dividends of$0.20 per share in 2024, an increase from $0.16 per share in both 2023 and 2022[258] - The Company declared an increased quarterly cash dividend of$0.06 per share on February 3, 2025, payable on March 14, 2025[294] Operational Efficiency - Modernization and expansion projects have improved production efficiency and reduced costs, enhancing the company's competitive position[161] - Other income increased to $11.5 million in 2024 from$7.9 million in 2023, attributed to higher interest earned on cash balances[176] Inventory and Receivables - Trade receivables rose to $43,982,000 in 2024, up from$38,052,000 in 2023, indicating a 15% increase[224] - As of December 31, 2024, total inventories increased to $27,686,000 from$24,313,000 in 2023, representing a growth of approximately 9.8%[246] Stock and Shareholder Actions - The Company approved an increase in authorized shares from 30 million to 45 million on May 2, 2024, followed by a 5-for-1 stock split on July 12, 2024[235] - The Company repurchased treasury shares for a total of $3.5 million in 2024,$1.3 million in 2023, and $0.8 million in 2022[199] - The Company repurchased 28,028 shares at a weighted-average price of$125.09 per share during 2024[284] Tax and Compliance - Current income tax expense increased to $28,544,000 in 2024, up 44.7$19,736,000 in 2023[273] - The Company had no federal net operating loss carry forwards as of December 31, 2024[274] Miscellaneous - The company operates solely in the United States, focusing on lime and limestone operations[289] - The chief executive officer serves as the Company's Chief Operating Decision Maker (CODM) for performance assessment and resource allocation[290]